"A deal to combine Paramount and Warner Bros. Discovery would create a media behemoth. And that behemoth could be partially owned by the governments of Saudi Arabia, Qatar, and Abu Dhabi. So says Variety, reporting that David and Larry Ellison, who own Paramount and are bidding to buy WBD, are using money from those countries' sovereign wealth funds to finance their proposed deal."
"If that story sounds familiar, there's a good reason: In November, Variety reported more or less the same thing - which prompted Paramount to call the story "categorically inaccurate". But even at the time, it didn't seem implausible that Middle Eastern oil money would be used to help the Ellisons buy WBD. And other outlets had suggested the Ellisons might partner with the Saudis, among others."
Larry and David Ellison, who own Paramount, are bidding to acquire Warner Bros. Discovery. The proposed combination would create a large media company potentially partially owned by the sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi. Earlier reporting prompted Paramount to call similar claims "categorically inaccurate," but multiple outlets now indicate Middle Eastern funds are involved. Paramount declined to comment and outreach was made to the sovereign wealth funds. The possibility of petrostates holding stakes in a major U.S. media conglomerate signals changing norms for foreign investment in American media by 2025. Paramount's full-acquisition offer strengthens its position versus partial bidders.
Read at Business Insider
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